PDL boosts profit and changes tack

Electronics manufacturer PDL Holdings has reported a 5 per cent rise in after-tax profit to $3.2 million for the half-year to September 30.

The company said it would pay a fully imputed interim dividend of 10c a share on December 15.

Total sales rose 4.3 per cent to $186.2 million from $178.6 million last year.

Earnings before interest, tax and abnormal items fell slightly to $9 million, compared with $9.1 million previously, largely due to pressure on margins and higher component costs arising from the low kiwi dollar.

The result came as PDL announced a change in focus from being a manufacturing-dominated company to one that specialised in researching and developing world-class, leading-edge technologies.

PDL shares closed steady yesterday at $4, after rising 13c on Thursday.

- NZPA